Fin Stmt

Financial Statement Titles

Credit $ Marshfield Delivery Service Trial Balance (Closing) As of December 31, 2018 Accounts Title Debit Cash $ 14,450 Prepaid Insurance $ 1,600 Office Supplies 200 Accounts Receivable $ 2,450 Truck $15,000 Accumulated Depreciation - Truck Accounts Payable Unearned Revenue Salaries Payable Marshfield Capital $ 2,400 $ $ 900 $ 1,100 $ 29,300 Total $33,700$ 33,700 Marshfield Delivery Service Balance Sheet As at December 31, 2018 Assets: Current Assets Cash $ 14,450 Prepaid Insurance $ 1,600 Office Supplies $ 200 Accounts Receivable $ 2,450 Total Current Assets $ 18,700 Non Current Assets Truck Accumulated Depreciation - Truck $ 15,000 $ (2,400) $ 12,600 Total Assets $ 31,300 Liabilities and Owner's Equity: Current Liabilities Accounts Payable Unearned Revenue Salaries Payable Total Current Liabilities $ $ 900 $ 1,100 $ 2,000 Total Liabilities $ 2,000 Owner's Equity Marshfield Capital $ 29,300 Owner's Equity $ 29,300 Total Liabilities and Owner's Equity $ 31,300 Credit Marshfield Delivery Service Trial Balance (Adjusted) As of December 31, 2018 Accounts Title Debit Cash $ 14,450 Prepaid Insurance $ 1,600 Office Supplies $ 200 Accounts Receivable $ 2,450 Truck $ 15,000 Accumulated Depreciation - Truck Accounts Payable Unearned Revenue Salaries Payable Marshfield Capital Marshfield Withdrawal $ 3,000 Service Revenue Salaries Expenses $ 2,200 Fuel Expenses $ 250 Rent Expenses $ 1,800 Depreciation Expenses - Truck $ 2,400 Insurance Expenses $ 200 Supplies Expenses $ 500 $ 2,400 $ $ 900 $ 1,100 $ 20,000 $ 19,650 Total $ 44,050 $ 44,050 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Marshfield, Withdrawals Accounts Receivable Income Summary Office Supplies Service Revenue Prepaid Insurance Salaries Expense Truck Depreciation Expense-Truck Accumulated DepreciationTruck Insurance Expense Accounts Payable Fuel Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense Marshfield, Capital 2. Post the transactions in the T-accounts. 3. Prepare an unadjusted trial balance as of December 31, 2018. 4. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Accrued Salaries Expense, S1,100. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $3,000. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $200. e. Unearned Revenue earned during the month, S600. f. Accrued Service Revenue, $850. 5. Prepare an adjusted trial balance as of December 31, 2018. 6. Prepare Marshfield Delivery Service's income statement and statement of owner's equity for the month ended December 31, 2018, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amountthat is, the largest expense first, the smallest expense last. 1. Journalize the closing entries and post to the T-accounts. 8. Prepare a post-closing trial balance as of December 31, 2018. Dec. 1 Marshfield Delivery Service began operations by receiving $5,000 cash and a truck with a fair value of $15,000 from Rico Marshfield. The business issued Marshfield capital in exchange for this contribution. 1 Paid S1,800 cash for a nine-month insurance policy. The policy begins December 1. 4 Paid $700 cash for office supplies. 12 Performed delivery services for a customer and received $1,800 cash. 15 Completed a large delivery job, billed the customer, $2,800, and received a promise to collect the $2,800 within one week. 18 Paid employee salary, $1,100. 20 Received $12,000 cash for performing delivery services. 22 Collected $1,500 in advance for delivery service to be performed later. 25 Collected $2,800 cash from customer on account. 27 Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $1,600. 29 Paid office rent, $1,800, for the month of December 30 Paid $250 on account. 31 Marshfield withdrew cash of $3,000